"Whether bullish or bearish about the market in general, quite a few
individual marketable securities do seem priced low compared to a
conservative estimate of intrinsic value. [...] buying sound assets at a discount price relative to value reduces risk
of permanent capital loss and increases the likelihood of favorable
long-term outcomes (even if the near term gets even uglier). [...]

Since it's impossible to know what the future will look like the best
defense (and, in the long run, not a bad offense either) is buying at a
large discount to value at a time when others are most pessimistic. A
favorable price environment is usually the direct by-product of that
pessimism and fears about what looks like a dangerous and unknowable
future.Investor psychology need be at or near its most negative.